As part of its commitment to ensuring economic security for women, the Morrison Government is improving the visibility of superannuation assets in family law proceedings, making it harder for parties to hide or under-disclose their superannuation assets.
From today parties to family law property proceedings can apply to family law court registries to request their former partner’s superannuation information, held by the Australian Taxation Office (ATO). The ATO has been working closely with the courts to ensure the appropriate integrity measures are in place for the information to be disclosed securely. This will enable parties to use this information to seek up-to-date superannuation information from their former partner’s superannuation fund.
Superannuation is an increasingly significant asset in a separated couple’s asset pool and improving accessibility to superannuation information will better support separated couples to divide their property on a just and equitable basis. This will help alleviate the disproportionate financial hardship and negative impact on retirement incomes that women can experience after separation.
This important reform will reduce the time, cost and complexity for parties seeking information about their former partner’s superannuation. It demonstrates the Government’s commitment to improving retirement outcomes for women and builds on other recent changes such as the removal of the $450 superannuation guarantee threshold.
Information about how to make an application is available on the websites of the Federal Circuit and Family Court of Australia, the Family Court of Western Australia, and the Australian Taxation Office.